Pier 1 Imports To Close All Stores

Another shopping giant is closing its doors. Pier 1 Imports announced that all of its 540 stores will be closing.

Pier 1 has been actively trying to find a buyer for the retail chain over the last few months. The effort has failed mainly because of economic challenges tied to COVID-19.

“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Chief Financial Officer Robert Riesbeck said in a statement. “Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down.”

Pier 1 filed for bankruptcy back in February and now the company is officially looking for bankruptcy court approval to wind down the business.